Key Takeaways
What clues has the Bitcoin price action given after Friday’s wipeout?
The weekend, and especially Monday, showed that there was some willingness from buyers to catch the dip, but this was too little to drive a recovery. Sentiment remained fearful.
Were market participants hedging against the next crypto crash?
The Put/Call Ratio on OKEX reflected increased call purchases and a short-term bullish sentiment; however, other metrics indicated a reduced speculative interest. Long-term investors remained comfortably in profit.
In the 12 hours before the time of writing, Bitcoin [BTC] fell 4.51% from $115.8k to $110.6k.
Market participants, buoyed by the price move toward the $116k-$117k resistance zone on the 12th and 13th of October, were fearful once again.
Source: Alternative.me
The Crypto Fear and Greed Index fell as deep as 24 on the 12th of October, reflecting deeply fearful sentiment.
CoinGlass data showed that the funding rate fell to negative values on the 11th of October, but has climbed back above zero once again.
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Author: Akashnath S
